In the general ledger provided, post the journal entries to the appropriate accounts (refer to the G/L template for Post. Ref, use the Journal Ref you created. This promotes traceability in your accounting system):

Prepare an unadjusted trial balance:

101 Cash

102 Inventory

103 Prepaid Supplies

104 Accounts Receivable

105 Property, Plant & Equipment

201 Accounts Payable

202 Service Liability

203 Long-term Payables

301 Capital Stock

302 APIC

303 Retained Earnings

401 Product Revenue

501 COGS

502 Payroll Expense

Totals

Beginning Balances
Cash	$10,000
Inventory	$45,000
Prepaid Supplies	$5,000
Accounts Receivable	$40,000
Property, Plant & Equipment	$100,000
Accounts Payable		$40,000
Long-term Payables		$80,000
Capital Stock		$50,000
Additional Paid-in Capital		$10,000
Retained Earnings		$20,000
	$200,000	$200,000

On 2/28/18, you go over the months financial activity with Narcosis SCUBA Emporiums owner, Jackie Cousteau. She makes you aware of the following:

1. A filtration pipe for the training pool burst, and Jackie called in a plumber to do emergency work on 2/27/2018. Payment terms are 2% 10 net 30 days; however due to cash flow issues, the invoice will not be paid until March 20th. Invoice for the full amount is $600. (Expenses are posted using the gross method, not net).
2. Jackie Cousteau asks you to perform monthly inventory on office supplies. After completing the inventory on 2/28/18, you determine that supplies with a value of $250 have been consumed during the month.
3. Jackie informs you that a technician performed hydrostatic testing on all of Hennepin County Search & Rescues air tanks on 2/26/18. The value of the service performed is valued at $3,000 (Remember, they paid cash up front earlier in the month).

For the following transactions above, enter the appropriate adjusting entries into the journal:

Prepare an adjusted trial balance below:Post the adjusting entries into the appropriate accounts in the general ledger provided (refer to G/L template):

101 Cash

102 Inventory

103 Prepaid Supplies

104 Accounts Receivable

105 Property, Plant & Equipment

201 Accounts Payable

202 Service Liability

203 Long-term Payables

301 Capital Stock

302 APIC

303 Retained Earnings

401 Product Revenue

402 Service Revenue

501 COGS

502 Payroll Expense

503 Maintenance Expense

504 Supplies Expense

Totals

Prepare the basic financial statements (for the sake of simplicity, we will omit the statement of cash flows):

We will skip the journal entries and posts to the general ledger that close out the nominal accounts; however prepare the post-closing trial balance as if the nominal accounts have been closed:

101 Cash

102 Inventory

103 Prepaid Supplies

104 Accounts Receivable

105 Property, Plant & Equipment

201 Accounts Payable

202 Service Liability

203 Long-term Payables

301 Capital Stock

302 APIC

303 Retained Earnings

Totals

Account: Cash Account: Accounts Payable Account No. 101 Balance Debit Credit Account No. 201 Balance Debit Credit Date Post. Ref Debit Credit Date Post. Ref Debit Credit BEG BEG Account: Inventory Account: Service Liability Account No. 102 Balance Debit Credit Account No. 202 Balance Debit Credit Date Post. Ref Debit Credit Date Post. Ref Debit Credit BEG BEG Account: Prepaid Supplies Date Post. Ref Debit Account No. 103 Balance Debit Credit Account: Long-term Payables Date Post. Ref Debit Credit Credit Account No. 203 Balance Debit Credit BEG BEG Account: Capital Stock Account: Accounts Receivable Date Post. Ref Debit Credit Account No. 104 Balance Debit Credit Account No. 301 Balance Debit Credit Date Post. Ref Debit Credit BEG BEG